Diversity is more than just the color of our skin. It’s diversity of thought and even diversity of life experiences. We’ll go beyond your Affirmative Action Plan Initiatives to talk about how to push diversity and win by recruiting and retaining talent that drives results and change at your workplace. As our nation and workforce are both becoming more diverse it’s important to match this trend in the recruiting world.
It’s undeniable that the war on talent is a tough fight and no company is able to afford restricting its ability to attract and retain the very best employees available at any given time. A diverse workforce combines workers from all experiences and backgrounds that foster an environment of creativeness, innovation, and productivity. Boosting our bottom line will strengthen more naturally when we learn to draw upon our nation’s diversity. A key ingredient to growing a strong and inclusive economy is our ability to hire in a diverse nature.
We’ve come up with five ways your company can benefit from recruiting and hiring a diverse workforce.
Diversity helps foster a more innovative workplace. When companies use diversity to find and recruit workers from all different qualifications, backgrounds, and experience effective problem solving will come more natural. When a company is able to solve problems more effectively, their productivity will rise and they will be able to focus on more innovative ideas. A recent survey conducted by Forbes states that 85% of surveyed companies agreed or strongly agreed that diversity is crucial to fostering innovation in the workplace is done through being able to solve problems more effectively.
Diversity expands workplace knowledge of other cultures. This might sound quite simple, I work in a diverse workplace therefore I learn about other cultures. One benefit to hiring a diverse workplace creates an environment of openness and ongoing learning on how to deal with other cultures. As business moves in a more global direction it’s important to learn about how other cultures interact and handle business. This can easily be picked up from working with someone more diverse then yourself.
More qualified workforce. When companies recruit from a very diverse set of potential applicants, they are more likely to hire the best and the brightest. No longer is competition defined by one pool of applicants, but it’s spread over a diverse population of people. In order to succeed in the market, you must be willing and able to recruit from a very diverse set of applicants. Hiring the right talent is crucial.
Hiring diverse reduces turnover, increases bottom line. According to a recent study by American Progress, the economic cost of discrimination is over $1 trillion in cumulative spending power. A diverse workplace as stated earlier is more then just the color of our skin, but it’s also our sexual orientation. The cost of an hourly worker leaving a company can cost up to 5-10 thousand dollars to replace and an executive can cost upwards to $211,000. Hiring a more diverse workforce helps foster a warming and inviting atmosphere that provides companies not only good PR, but also lower turnover rates.
Escape legal woes. The last benefit to hiring a diverse workforce is escaping the cost of legal actions against your company. Workplace discrimination exposes business to potentially costly lawsuits that could cost upwards of 100K for every case brought against you. Especially in states that have outlawed gay and transgender discrimination.
There are numerous benefits to hiring a diverse workforce and all of these directly benefit the company you’re working for. There should be no reasons that a recruiter wouldn’t want to hire the best talent even if that talent comes from a diverse background. Recruiting looks good when it comes to turnover rates, a company’s bottom line, the talent within a company, and the company’s ability to be innovative.
Jessica Miller-Merrell, SPHR is a workplace and technology strategist specializing in social media. She’s an author who writes at Blogging4Jobs. You can follow her on Twitter @blogging4jobs.